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Tuesday, July 5, 2011

SLIC not after fake Diamonds-Official

By Jithendra Antonio

Despite Sri Lanka’s capital market analysts and several retailers viewing the recent buyout of Blue Diamonds Jewellery Worldwide PLC (BLUE) by state owned insurer Sri Lanka Insurance Corporation (SLIC) as a "Pump and Dump", an official said SLIC and E-Channelling is in a joint partnership to rescue and turn Blue into profitability.

“They are definitely not after fake diamonds. And SLIC never bought the stake from E-Channelling. They bought it from public” Chief Executive Officer of E-Channelling (ECL) Asanga Karunaratne said stressing that several market analysts viewing it as SLIC buying BLUE stake from ECL is completely incorrect.

He further said that E-Channelling holds nearly 13.24% of BLUE whilst SLIC holds nearly 13% stake.

Speaking to Mirror Business, Asanga Karunaratne noted that E-Channelling has been turn around to date since SLIC bought a major stake of ECL nearly one and half years ago.

Back in June 23, in a filing Lanka Securities disclosed that its client SLIC General Fund has bought 13.12 million voting shares or 12.7% (voting stake) of Blue Diamond. The date of purchased or price wasn’t disclosed however. On the contrary on June 9, Capital Trust Securities in a filing said that E-Channelling (major shareholder SLIC) bought 13.24% stake or 13.67 million voting shares of BLUE.

Meanwhile, Karunaratne also pointed out that although being a related party to one of the leading local Jewellery manufacturers in the country, he has no intention to combine the business of Blue Diamonds and the other jewellery manufacturer. He further noted that SLIC is aggressively looking for companies to turn around.

E-Channelling signs MoU with MIT

E-Channelling PLC (ECL) yesterday said it had entered in to a Memorandum of Understanding (MOU) with Millennium Information Technologies (MIT) to provide remote health care solutions to local, regional and international markets.

In a filing to the Colombo Stock exchange ECL said, MIT has joined hands with ECL to provide a network through which doctors will be able to provide initial consultancy to the public.Accordingly, the service will be further enhanced to provide medical consultancy to Maldives, Bangladesh, Nepal and Pakistan in future, considering them as potential markets.

The statement said the network will be able to commence recording the medical history of the patients, which enable doctors to provide accurate and fast treatment to patients, remotely.

The statement also noted that the new move will enable rural patients to access specialist doctors in city hospitals.

Speaking to Mirror Business, CEO of ECL Asanga Karunaratne said that the second largest shareholder of the company British American Technologies has several new plans to promote ECL as a leading medical service provider.

“We even have plans to go into leisure sector which we will disclose soon” he said. As at 31 march 2011, being the largest shareholders of ECL Sri Lanka Insurance Corporation had a nearly 23% stake of ECL, whilst British American Technologies had a 22.45 stake.

source - www.dailymirror.lk